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The Latest SPAC News and Rumors: October 5, 2022


The Latest SPAC News and Rumors: October 5, 2022

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Trump-tied SPAC, Rumble show power of hardcore followers, but DWAC slides after Elon Musk revives Twitter deal; Everton FC draws takeover interest from Soros nephew’s SPAC

Trump-Tied SPAC, Rumble Show Power of Hardcore Followers

Legions of followers betting on conservative social-media platforms have helped stocks like Rumble Inc. (NASDAQ:RUM) and the blank-check firm, Digital World (NASDAQ:DWAC), taking Donald Trump’s media company public to outperform peers, a sign that speculative fervor in the market is still high.

The pair are, respectively, one of the best performers this year among firms that merged with a special-purpose acquisition company and the top-gaining SPAC since listing that hasn’t yet completed a combination. That outperformance — at a time when shares of established social-media companies mostly are in free fall — has been fueled in part by retail traders.


Trump SPAC shares slide after Elon Musk revives deal to buy Twitter

Shares of Digital World Acquisition Corp. (NASDAQ:DWAC), the special-purpose acquisition company seeking to take Trump Media and Technology Group public, slid Tuesday after Elon Musk reversed course and proposed going through with his deal to buy Twitter (NYSE:TWTR).

Shares of DWAC fell more than 5% Tuesday to $17.10. The stock’s 2022 peak was about $97 in March.


Everton FC Draws Takeover Interest From Soros Nephew’s SPAC

Everton FC is drawing takeover interest from a US special purpose acquisition company co-led by George Soros’s nephew, according to people familiar with the matter.

LAMF Global Ventures Corp. I (NASDAQ:LGVC) has held preliminary talks with the English Premier League football club about a deal.

LAMF is led by Jeffrey Soros and Simon Horsman, both Los Angeles-based producers. It counts veteran football dealmaker and former Everton director, Keith Harris, as a senior adviser, securities filings show. It raised $253 million in a November 2021 initial public offering.

Truth Social Android App Available in the Samsung Galaxy Store

Trump Media & Technology Group (“TMTG”) announced today that the Truth Social Android App is now available for U.S.-based Samsung smartphone users to download in the Samsung Galaxy Store. The inclusion of Truth Social in the Samsung Galaxy Store represents a major milestone for Truth Social’s availability in the United States, as Samsung commands a 30 percent share of the domestic smartphone market, according to publicly available data.